Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
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Beginning of year.
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Plunkett
Co.
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Herring
Enterprises
|
|
Total assets
|
$ 97,000
|
$122,000
|
|
Total liabilities
|
85,000
|
(c)
|
|
Total stockholders equity
|
(a)
|
75,000
|
|
End of year.
|
|
|
|
Total assets
|
160,000
|
180,000
|
|
Total liabilities
|
120,000
|
50,000
|
|
Total stockholders equity
|
40,000
|
130,000
|
|
Changes during year in stockholders' equity:
|
|
|
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Additional investment
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(b)
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25,000
|
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Dividends
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15,000
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(d)
|
|
Total revenues
|
215,000
|
100,000
|
|
Total expenses
|
175,000
|
55,000
|
Instructions
Determine the missing amounts.